A group of investors from cryptocurrency custody and trading firm Bakkt Holdings has filed a class-action lawsuit alleging that Bakkt made false or misleading statements regarding its revenue, particularly its dependence on contracts with Webull and Bank of America (BoA). The lead plaintiff, Guy Serge A. Franklin, has called for a jury trial in the complaint, which targets Bakkt's senior executives including former CEO Gavin Michael and current CEO Andrew Main. The investors claim that the loss of these key contracts will lead to a 73% decline in Bakkt's top line revenue, as Webull represented 74% of Bakkt’s crypto services revenue through late 2024, and BoA contributed 17% of loyalty services revenue within that same timeframe. Following Bakkt's announcement of these losses, its share price plummeted over 27% within 24 hours. The lawsuit alleges that Bakkt misrepresented the stability and diversity of its revenue sources, leading to significant investor losses. The article also notes that other law firms are exploring additional class-action lawsuits against Bakkt due to potential securities law violations.

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